This post is about How to make money with NFT in 2024 (Non-Fungible Token) via Afrokonnect. Cryptocurrency and NFT are gradually becoming the most reliable and legit ways to make money in recent time.
We are aware that most of our readers will love to invest in NFT. However, some of them lack adequate information about NFT, which is why we researched and created this article for you. If you have been sleeping on Non-Fungible Tokens (NFTs), it is still not too late to catch up, now is the right time to invest.
In this article we will reveal the 3 proven ways to make extra earnings off NFT, of course there are several ways but this article is specifically for the legit and surest way to earn with NFT.
Before we dive into ways you can make money with NFT, let us briefly look at the definition of NFT and what it actually means.
What is NFT all about and how does it work: (Non-Fungible Tokens)
Sources from Wikipedia published that the first known NFT known as Quantum, was created by Kevin McCoy and Anil Dash in early May 2014, NFT which is an abbreviation for (Non-fungible tokens) can be defined as a cryptographic token that embodies a one of a kind digital asset,
These assets are very rare, unique and they are built on blockchain technology which functions similarly to cryptocurrency. If you are familiar with Cryptocurrencies then NFT shouldn’t be a big deal, as the two operate similarly.
Even if you are not familiar with crypto, just know that NFT is a digital copy of anything that can be sold, while you buy cryptocurrency with fiat or other crypto, in NFT the buyer gets a certificate or markings of ownership that proves that he/she owns the work,
It is this proof of ownership that validate ownership, it allows you to resell it if you want to. For example, ex-CEO of twitter Jack Dorsey sold his first-ever tweet as an NFT for more than $2.9 million to Bridge Oracle CEO Sina Estavi, that is around 1 billion naira.
Meaning of Fungible and Non-Fungible NFTs
First thing to know is that fungible assets are interchangeable, a good example of a fungible asset is the currency you hold, Fungible assets are interchangeable in the sense that, $5 is equal to another $5 anywhere,
And if you have 2 banknotes of $50 it’s equivalent to $100 everywhere you go, a fungible asset is a commodity that is freely interchangeable with another in satisfying an obligation, Cryptocurrencies are also fungible assets as one unit of Bitcoin is exchangeable with another unit of Bitcoin.
Now what non-fungible assets means is that they are not freely exchangeable by another of like nature or kind because they are unique and irreplaceable, a good example of non-fungible asset is your car and your house,
Your car and your house are not equal to your friend’s or neighbor’s car and house, even if they are the same model and make. This is because both assets can be slightly different, for instance your car might be in better shape and that will affect the selling price ultimately.
Therefore, your car is non-fungible. Both asset types have their advantages and disadvantages, Non-fungible assets are of high value and are an excellent option for business transactions, while Fungible assets on the other hand also have a high demand because they can fulfil many financial purposes.
So, now that we have a little bit of knowledge about NFT, let’s quickly look at the examples of non-fungible tokens before we explore the ways to earn off NFTs.
Examples of NFT Coins and Stores
Take note that NFTs can be anything digital, for example, you can create something unique using photoshop or any other application and upload it to a special NFTs platform, after creating your digital asset, you can make profit through NFT stores by selling your asset to the right bidder, below are some examples of NFT coins:
- Decentraland
- Flow
- Axie Infinity
- Theta Network
- Sandbox
Top 5 best Examples of NFTs and Price Sold
Typically, NFTs can be classified under Digital art such as music, videos and GIFs; NFT can also be Items from the physical world like tickets, legal documents, signatures, tokenized invoices and deeds to a car;
There is no limit to what NFT can become in the future as other creative properties are emerging. The value of the digital items is tested based on their uniqueness. Otherwise, it will be identified as a fake with no future to progress, discouraging buyers from investing in it.
Below are some of the most expensive NFT sold:
- Beeple’s “Everydays: The first 5000 Day” – sold for $69 million
- RTFKT’s digital sneakers – sold for $3.1 million
- Jack Dorsey’s first Tweet – Sold for $ 3 million
- Grimes WarNymph “Death of the Old” – sold for $389,000
- NBA shots sports collectibles – Sold for $387,000
Now you can see how much money can be made off NFT, so let us explore how you can also earn from NFT.
How to make money with Non-Fungible Tokens in 2024 – NFT Beginners Guides
In 2014, peer-to-peer protocol Counterparty became a starting point for NFTs to gain more success and approval, of course it included digital games and other assets. By 2017, another digital coin made strides which was known as Ethereum,
Later, it attracted the attention of investors like SamsungNEXT and Google Ventures, these investors reviewed promising opportunities to invest in NFTs.
Gradually, the implementation of NFTs has led to new NFT spaces where everyone could create, mint their NFT art and ultimately make money off their art. Thus, it has become an ambitious and long-term kind of business affordable to everyone, especially for financial experts.
How to make Money with NFT in 2024
According to Mike Vestil in one of his videos, you can make $100 per day with NFT, if you’re interested in Learning how to earn with NFT then watch his videos youtube.
1. Use of NFT as an Access Token to Services
The credibility of NFT doubled when the US National Football League also known as the NFL announced that it will attach NFTs to their season game tickets, this will enable attendees scan into the game, they’ll receive an email with a link to obtain their NFT.
People make money by buying physical tickets to event and then selling them off at higher prices, you can also make money with NFT by thinking of it like buying tickets to a show, the advantage here is that this time it’s a digital ticket so you don’t have to be in the same geographical location to sell it off.
NFT has opened up a new avenue for brands and entrepreneurs to monetize access, at the same time managing access, not just to games but general access, this is possible because digital tickets can be easily transferred.
Also, it is interchangeable because they all serve the same purpose of authenticating access to events like football matches or music shows, NFTs uniqueness add to this by making each ticket unique, beyond its functional value, similar to an autographed by a celebrity.
In terms of legality and application, just like we have rules and regulation guiding every financial transaction in the real world, there are also ways to prove and protect the ownership of valuable assets; we now have NFTs in the virtual world. It is also important to note that the value of NFTs, like Cryptocurrency and most man-made objects, is determined in the end by laws of demand and supply, the number of people who believe in it and agree to uphold it.
How to make money with NFT
2. Use NFTs as Monetization Models for New Digital Media Cryptographic
Recently, celebrities all over the world have started to show there interest in NFT, some musicians use it for their music cover arts, others for commercial purposes. If you are a Nigerian, you must have probably seen the likes of Don Jazzy, Rema, Davido amongst others endorsing it on social media.
The emergence of NFT into the new Digital space has discussion about developing a new media ownership model that is more creator-centric, like any other intellectual property, the original creators receive a percentage of the sale price each time the work is resold,
Each content can be slightly different from the original as people add their own creativity, in essence the more copycats a content has, the more popular and valuable the original becomes. The ability to make branded digital assets remixable and non-fungible is what NFTs provide you, the entrepreneur.
How to make money with NFT
3. Create and Store Valuable Digital Assets – NFT Minting
Minting digital assets like NFT can range from anything art to music, videos to articles among others, NFT has now become a way for artists and creative content creators to monetize their work.
In case you are wondering what is the benefit of minting an NFT, here is the catch, investors are able to buy into a collection at the earliest possible opportunity. This simply means that investors stand the best chance of making a profit if the NFT collection goes on to soar in value after it’s listed on secondary NFT marketplaces like OpenSea.
As a creative content creator, an investor or an entrepreneur, you can grow to have more digital assets like brand licensing, event ticketing, real estate and even tokens of tangible assets, which are all potential use cases being explored, like we said earlier, there is no limit to what NFT can become in the future.
Looking at the current use of NFTs in a wide range of life, NFTs seem to be reaching other areas that haven’t been touched by blockchains yet, this brings use to the next section about the relationship between NFT and Blockchain.
Relationship between Blockchain and NFTs
NFTs are stored on blockchains which makes it possible to process a transaction with no intermediary between the owner and the buyer just like in cryptocurrency, this gives room faster transactions and allows digital art creators to interact directly with their potential clients.
NFTs are one of the solutions introduced by Blockchain developers to turn traditional assets into digital ones in other to increase their reliability and values.
FAQ – How to make money with NFT
Are NFTs simply a hype that will only last several years or a real revolution in the financial world?
The truth is that NFT is here to stay, Well-known examples of NFTs used in charities, trading, expanding brand awareness and building monetization systems as token access has proven that NFT will only keep growing and become more acceptable as time pass by.
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How to make money with NFT
Conclusions
NFTs are among the latest trends in blockchain innovation, the main goal of NFTs are digitize assets and reward creators simultaneously. Technology has made this possible and the financial world have been tightly connected in the last decades.
High-tech solutions and innovations have brought about opportunities to automate many processes, as a result, money flows become more transparent and transactions become more efficient than ever before, technology helps with faster and safer transactions, including buying and selling, trading and peer-to-peer transfers.
As a result of the NFT boom, many related projects have been launched unprecedentedly. Other than carrying out buy-and-sell operations with digital assets. NFTs provide an excellent opportunity to build digital ownership that is much easier to manage.
